May 29, 2012

The Daily Bankruptcy News

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Law:

Dewey & LeBoeuf Files Bankruptcy as Partners Flee, Debts Surge --- Files for Chapter 11 Protection; Seeks Orderly Wind-Down of Business --- Storied Law Firm Dewey Files Chapter 11 ---Dewey Effectively Done --- The Petition --- First Day Declaration --- Pre-Petition Wage Motion --- Cash Collateral Motion--- Dewey File for Bankruptcy ? Yes -- It's About Time --- World's largest legal failure --- UK arm in administration --- Snapshot: Martin Bienenstock --- Dewey Tragedy: What’s the Essence of a Law Firm? --- Fallout from Dewey collapse hits clients --- The Sharp end of the Dewey stick --- Three Dewey Lenders Have Sold Part of the Debt; About 200 Employees Remain --- A Dewey Bankruptcy Filing Would Raise Novel Issues --- Dewey's Sharp hits out at stricken firm's US management --- Dewey & LeBoeuf Creditors Sell Debt: World of high finance losing glamor --- Bakers secures South Africa launch with hire of 31-strong Dewey team --- Holman Fenwick and Fulbright sign up trio of Dewey London partners
(DBN)

Leading Business Solutions, Restructuring and Bankruptcy Team Joins Proskauer in London
(DBN)

Coudert, Jenner & Block, Mitchell Silberberg: Business of Law
(DBN)

Law Firm Can't Keep $14.2 Million Dollar Fee
(DBN)

"Redundancy" - Greenberg Glusker frames layoff as does Fortune 500 (Throw-away workers)
(DBN)

Profits from Unfinished Business Belong to Dissolved Law Firm, NY Judge Says --- Law Firms Must Divulge Profits Made From Coudert Brothers Bankruptcy
(DBN)

Stevens legal team calls discipline 'laughable' --- Justice Department Clears Its Own Lawyers Of Intentional Misconduct In Stevens Prosecution
(DBN)

SEC Bars Andrews Kurth Lawyer From Appearing Before Agency for a Year
(DBN)

Afghan Minister Threatens To Cut Up Embassy Official Over Scandal With Female Lawyer at Holland & Knight
(DBN)

Law School Success Stories: The Virtue of Thrift
(DBN)

Altman Weil Survey Takeway = "Law students are screwed"
(DBN)

Law Grad Seeks Spot on US Olympic Beach Volleyball Team
(DBN)

Law School Transparency: The law school reform movement: Accomplishments and goals --- Taxi! taxi!
(DBN)

What Is It Like To Do Social Media Work As A Lawyer?
(DBN)

Probation for Lawyer's Heartless Sales Call
(DBN)

You Should Probably Get Out of Adam Reposa’s Way
(DBN)

Woman Claims Celeb Lawyer Botched her Case
(DBN)

Why Are Law Grads Going to Small Firms? Right, They're Not.
(DBN)

Partners: On "Mad Men" they're unhappy, on "The Good Wife" they're conflicted
(DBN)

Hartford, CT Law Firm Pays $10 Hourly for Legal Assistant - Aldi pays $12.50 hourly for cashier, $20+ hourly for manager trainee
(DBN)

Military School Loses Bid to Bury Alarming Video
(DBN)

Woman Admits That She Falsely Accused Convicted High School Student of Rape After He Serves His Time In Jail . . . Woman Keeps $1.5 Million Award As Rape Victim
(DBN)

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Judges:

President Signs Bankruptcy Judgeships Legislation into Law
(DBN)

Bankruptcy as an Impeachable Offense
(DBN)

When a Judge Interrupts
(DBN)

False Claim That Judge Was M--------ing Draws Suspension
(DBN)

From the bench to the pulpit: At 66, former judge becomes priest
(DBN)

Justices' summer plans point to late June finish
(DBN)

The Secretive World of Supreme Court Clerks -- A SCOTUS clerk never tells
(DBN)

Liberals put the squeeze to Justice Roberts
(DBN)

Crucial Report Blasts 'Unwieldy' California Court Bureaucracy
(DBN)

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Wall Street:

Stock futures signal higher Wall Street open
(DBN)

World stocks inch higher on Greek vote hopes
(DBN)

Was Facebook's botched IPO a conspiracy? --- Inside the Facebook IPO suit --- Facebook 'debacle' likely to derail IPOs for other startups --- Feeding frenzy for lawyers in botched Facebook IPO --- Why plaintiffs' lawyers would rather sue Facebook than JPMorgan --- The Facebook economy --- Facebook IPO: All Investors Not Created Equal
(DBN)

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Layoffs:

National and State by State Unemployment Rates
(DBN)

Animated Map of Unemployment
(DBN)

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Farming:

Farm linked to listeria outbreak files for bankruptcy
(DBN)

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Food/Beverage:

Bankruptcy Court Approves Star Buffet, Inc. Disclosure Statement
(DBN)

Twinkies maker Hostess says talking with bidders, unions
(DBN)

Hearing set in high profile PACA case
(DBN)

MIT Engineers Solve Modern Riddle
(DBN)

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Monks:

Auction of alleged monk's belongings nets $57,740
(DBN)

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Fraud:

Madoff Case Is Paying Off for Trustee ($850/hour)
(DBN)

SIPC Says Bankruptcy Court Can Rule on Madoff Clawbacks
(DBN)

High Court Shouldn’t Hear Madoff Investor Appeal, SEC Say
(DBN)

Gupta’s Busy Day --- Goldman Board Met Daily in Weeks Before Alleged Gupta Tip --- Always time for one more huddle at Gupta insider trial --- Gupta suffers two big blows in his insider-trading trial --- Defense Scores Some Points in Gupta Trial --- Gupta weighs risks to own defense as trial resumes
(DBN)

Broken Networks: Trust shattered by insider trading trials
(DBN)

Psst…Seen Any Mortgage-Securities Fraud?
(DBN)

Committee Alleges That the Auditor in the Stanford Financial Ponzi Scheme Did More Than Issue False Financial Statements
(DBN)

SEC Bars Former Honcho for a Year
(DBN)

Judge says Enron's Skilling can seek new trial
(DBN)

Ponzis Just Kept on Growing, SEC Says
(DBN)

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MF Global:

MF Global S'pore clients should get over 90% of funds --- MF Global Singapore creditors face waiting game
(DBN)

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Pensions:

Fund wants to recover delinquent employer contributions plus penalties
(DBN)

Fund sues Finance over judicial complex loan
(DBN)

Fund wants lawsuit removed from Govendo
(DBN)

US Trustee maintains Fund is 'governmental unit'
(DBN)

Creditors committee agrees to continued payment of benefits
(DBN)

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Credit/Debit Cards:

Card debt still choking low, middle incomes
(DBN)

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Corporate Reform:

CFPB launches rulemaking to supervise nonbanks
(DBN)

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Economy:

Consumer Sentiment at Highest Since Late 2007
(DBN)

Half of U.S. Lives in Household Getting Government Benefits
(DBN)

Move Bankers off Regional Fed Board
(DBN)

Riskier assets hit hard by global volatility
(DBN)

Recovery: Profits Up, but Not Wages
(DBN)

Why Do We Keep Falling for Economic Bubbles?
(DBN)

Faber: 100% Chance of Global Recession
(DBN)

US Debt Clock
(DBN)

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Real Estate:

Rating Obama's response to the foreclosure crisis
(DBN)

Arizona Wants to Take the Money and Run
(DBN)

Texas Company Sues Homeowners With Foreclosed Second Mortgages
(DBN)

What’s the Next Step for Archstone?
(DBN)

Bank attorneys prep for RMBS working group showdowns
(DBN)

Phoenix housing market lights up like 'a switch suddenly turned on'
(DBN)

Freddie Mac mortgage portfolio decreases 14.1%
(DBN)

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Banking:

JPMorgan Trading Loss: Did Regulators Overlook the Risk? --- JPMorgan Gave Risk Oversight to Museum Head Who Sat on AIG Board --- Risk Management Committee Missing Bank Directors, Financial Risk Managers --- JPMorgan dips into cookie jar to offset 'London Whale' losses
(DBN)

JPMorgan's Dimon to testify before Congress in June --- Dimon Preps for Expected Grilling in DC
(DBN)

Three Ways to Break a Bank
(DBN)

US Bank Earnings at 5 Year High
(DBN)

Higher Bank Profits Driven By Lower Loan Loss Provisions – Core Lending Business Declines
(DBN)

FDIC: Banks Improve, Problem Institutions Continue to Decline
(DBN)

One Out Of Every Ten Banks Is A “Problem Bank” – FDIC Issues 56 Enforcement Actions In April 2012
(DBN)

Stop Second-Guessing Jamie Dimon
(DBN)

Bankers branch out as equity activity dries up
(DBN)

______________

Municipalities:

Bankruptcy bill would gut public trust
(DBN)

Municipal bankruptcies : Stop the Capitol power play
(DBN)

Summer on the edge of history
(DBN)

Altoona considers new tax on commuters
(DBN)

Unions lukewarm to changes in Pa. measure for financially troubled cities
(DBN)

Modern Cities That Became Ghost Towns
(DBN)

______________

Aviation:

AMR, Unions Wrap Up Marathon Court Hearings --- Bankruptcy judge advises American to make a deal --- APA asks bankruptcy judge to consider Hostess case while thinking about American labor contracts
(DBN)

No merger for American Airlines
(DBN)

In-Depth on United's Merger Woes, Computer Mess and Angry Customers
(DBN)

Two separate panels of lenders form in Hawker Beechcraft’s Ch. 11
(DBN)

Things You Can't Do on a Plane: Vol. 19
(DBN)

No more lending to Kingfisher, says SBI
(DBN)

______________

Celebs:

Former Browns' running back Jamal Lewis files for bankruptcy
(DBN)

The Broke and the Beautiful: Buck Up Edition
(DBN)

Harry Truman debt from 1947 finally paid
(DBN)

Bankruptcy judge to rule on Manson family member recordings
(DBN)

Sports Firm Claims Michael Vick Owes It
(DBN)

______________

Retailing:

Talbots' next chapter could be bankruptcy
(DBN)

For Some Mall Owners, Is There Life After Sears?
(DBN)

______________

Waste:

Bankrupt Nuclear Waste Firm Impact Services Gets Deadline
(DBN)

______________

Lehman:

Report: Lehman bankruptcy estate inks deal to buy additional stake in Archstone
(DBN)

______________

Energy:

Hearing slated for Dynegy settlement with creditors
(DBN)

______________

Museums:

City challenges Slavery Museum bankruptcy plan
(DBN)

______________

Health Care:

Workers at troubled Hope hospital getting paid
(DBN)

Troubled Hope hospital receives loan
(DBN)

Medical Costs Pushing Americans Into Credit Card Debt : Survey
(DBN)

RI attorney general approves Landmark Medical deal
(DBN)

______________

Student Debt:

The Real Debt of College Education
(DBN)

Medical Schools: The Top 10 Colleges That Put You Deepest In Debt
(DBN)

______________

Mail:

U.S. Postal Service Offers 45,000 Buyouts
(DBN)

______________

Corporate Governance:

More Shareholders Looking to Declassify Boards of Directors
(DBN)

______________

Alternative Energy:

Solar panel glut claims Day4 Energy
(DBN)

Germany Hits Record In Solar Power With 50% Of Energy During Mid-Day Hours
(DBN)

______________

Compensation:

Top CEO Pay: 3,489 Years for Typical Worker
(DBN)

______________

Tax:

Bank Wegelin shirks second court hearing
(DBN)

______________

New Bankruptcy Opinions
(5 new opinions today - DBN)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
(DBN)

Recent Ch. 11 Filings (37 new filings today)
(DBN)

Recent Ch. 11 Adversary Proceeding Filings (20 new filings today)
(DBN)

Bankruptcy Code - Prior BK Codes - Bankruptcy Rules
(large downloads)

UCLA-LoPucki Bankruptcy Research Database
(DBN)

Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
(DBN)

Seminars - (Contact us to list your seminar)

______________

Bankruptcy Statistics:

 

Interactive Bankruptcy Statistics Map
(DBN)

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Personal Bankruptcy:

Chapter 13 Disparities: This Time with a Map
(DBN)

______________

Bankruptcy Reform:

Senate Panel OKs Bill to Make Chapter 11 More Manageable for Small Business
(DBN)

______________

Trustees:

Bringing Barton Back: Third Circuit Affirms the Barton Doctrine’s Continued Applicability Despite Changes in Bankruptcy Laws
(DBN)

______________

Arbitration:

Ninth Circuit Holds That A Bankruptcy Court May Refuse To Enforce An Arbitration Clause
(DBN)

______________

Avoidance Actions:

Lenders should take careful note of potential vulnerabilities exposed in TOUSA decision
(DBN)

______________

Valuation:

In re Heritage Highgate, Inc.: Timing Is Everything to Secured Creditors Facing Valuation Issues
(DBN)

______________

Contracts:

Reasonable Efforts May Be A Promisor’s Best Efforts
(DBN)

______________

Politics:

Boston Globe: Harvard Reported Warren As Minority For Years In Federal Reports
(DBN)

Romney Economics: Cheat Main Street
(DBN)

Politics and private equity: Why we're talking about Bain
(DBN)

Obama Campaign Attacks Romney’s Bain Record Over Job Creation
(DBN)

Obama trying to defend record on spending and debt --- Obama: Romney's 'prairie fire of debt ' a 'cow pie of distortion'
(DBN)

______________

Tobacco:

Attorneys general group objects to bankruptcy plan for Renegade
(DBN)

______________

Sovereigns:

Ratings rank sovereign default risk
(DBN)

______________

UK:

Coryton to close with the loss of up to 850 jobs
(DBN)

UK retailers going bust jumps 38 pct in quarter
(DBN)

How Tina Malone's Shameless spending made her bankrupt
(DBN)

Rangers crisis: Administrators 'to put forward proposed CVA deal'
(DBN)

Charles Green is getting a 'bargain' with Rangers, says David Low
(DBN)

Rangers’ administrators welcome investigation
(DBN)

PwC administrators face closing petrol supplier to London --- Axe likely for 850 jobs at refinery as rescue plan fails
(DBN)

Father of three killed self after being sacked from his job by text message
(DBN)

The greeting-card industry: With sympathy
(DBN)

______________

EU:

European shares knocked by Spain bank worries
(DBN)

As Euro Bond Wins Supporters, Details Remain Vague
(DBN)

Switzerland Makes Plans for the End of the Euro
(DBN)

Sovereign, Company Bond Risk Falls in Europe, Default Swaps Show
(DBN)

Bank lending goes into reverse for SMEs
(DBN)

The End Of The Euro: A Survivor's Guide
(DBN)

Merkel's Stand Against Euro Bonds Looks Like A Losing Battle
(DBN)

Southern Europeans wire cash to safer north
(DBN)

Euro Zone Bank Safety Net Leaves Holes Unplugged
(DBN)

Europeans ambivalent over euro, survey finds
(DBN)

Lloyd's of London Preparing for Euro Collapse
(DBN)

Europe Leveraged Loan Defaults May Rise to 25%, Moody’s Says
(DBN)

______________

PIIGS:

Dallara Says Greek Euro Exit May Exceed 1 Trillion Euros --- IMF Chief's Comments Provoke Greek Fury --- A Greek exit could make the Eurozone stronger --- Oil prices rise on optimism about Greece --- Greek promises of tax crackdowns fail to bite --- IMF chief riles Greeks as crisis election looms --- More Economists React: What if Greece Exits Euro Zone? --- Forecasters Flying Blind When Predicting Repercussions of Greek Exit --- Greece would exit euro by breaking aid deal, Samaras says --- Greece Would Worsen Suffering by Breaking Aid Deal, Samaras Says --- No German money for Greek 'bottomless pit' --- Major Greek Banks Get Temporary Cash Boost --- Greek Euro Exit Aftershocks Risk Reaching China --- General payments freeze takes hold
(DBN)

Spain bails out Bankia, seeks plan for troubled regions --- Bankia bailout an investment not a loan, says lender --- In Spain, investors watch for run on banks --- One bust bank could bring Spain to its knees, warns prime minister --- Rajoy says Spain is "finding it very difficult to finance itself" but insists there will be no bail-outs --- Spanish Bank Bailout Heightens Pressure on Madrid --- Bankia writedowns cast doubt on Spain's bank estimates --- Spain may recapitalize Bankia with government debt --- Bankia Tapping Depositors for Bonds Leaves Spain on Bailout Hook
(DBN)

Greece, Spain and Phantom Bank Runs
(DBN)

Italy Sells 4.25 Billion of Bonds as Borrowing Costs Rise
(DBN)

Irish dodge debts through UK ' bankruptcy tourism'
(DBN)

Portugal adopts 4-year plan to cut state spending
(DBN)

______________

Japan:

At Bank of Japan, no good deed goes unpunished --- BOJ gets cold feet after Valentine surprise --- BOJ Counters 'Misunderstanding' Asset Buys to Automatically Grow
(DBN)

A New Era for Bankruptcy in Japan
(DBN)

Japan insider probe reaches JP Morgan
(DBN)

______________

Germany:

Power deal sustains insolvent Voerde Aluminium
(DBN)

_____________

Iceland:

Iceland's Revolution by Bankruptcy : Will It Work for the US?
(DBN)

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Copyright 2012